Sheffield United tonight insisted they were making inroads into a net debt of £32m - but confirmed some of their financial pruning had been at the expense of players’ salaries.
The League One club’s annual report revealed a June 2010-11 loss of £13.6m, but said that overall, they had reduced their “retained” or accumulated losses by £5m, in total.
Operating costs including players wages, in the 12-month period at Bramall Lane, had plunged by £4.1m to £18.2m, a fall of 18 per cent.
There had been savings in administration (£3m), a freeing of bank debt by disposing of the Copthorne Hotel next to the stadium and the sale of the Blades Enterprise Centre.
Chairman of Sheffield United plc Kevin McCabe described the financial year and Championship-relegation season as “wretched” and formally apologised to Blades’ supporters and shareholders.
McCabe also pointedly criticised the “throwing” of money at “too many loan players.”
He is demanding more diligence in “additional squad members” from his current management team.
Full story in Wednesday’s Star.